$52M construction loan arranged for multi-housing development in Mesa, Arizona
JLL Capital Markets led the financing efforts for the 245-unit property that is set to deliver in late 2024 / early 2025
LOS ANGELES, Jul. 18, 2023 – JLL Capital Markets announced today that it has arranged $52 million in construction financing for Lotus Point, a 245-unit multi-housing development set to deliver in late 2024 / early 2025 in Mesa, Arizona
JLL worked on behalf of the borrower, StarPoint Properties, to secure the construction financing for the project through a debt fund.
Upon completion, Lotus Point will be a four-story, Class A multi-housing asset comprised of studio, one- and two-bedroom units. Planned amenities include a fitness center, clubhouse, coworking facility and group kitchen. On-site parking will consist of a mix of tuck-under and grade-level parking.
Lotus Point is located at 139 North Dobson Rd., directly adjacent to a Safeway grocery store and within immediate proximity to Tempe Marketplace. The transit-oriented property is walkable to the Metro Phoenix light rail stop with access to Downtown Mesa, Arizona State University, Phoenix Sky Harbor Airport and Downtown Phoenix. Additionally, Dobson Station is close to State Route 101 and 202 providing vehicular access to the greater Phoenix metropolitan area.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jeff Sause, Director Wyatt Strahan and Associate Elle Miraglia.
“StarPoint is pleased to commence construction on this transformative, transit-oriented project. The City of Mesa has been great to work with and supports an ideal mix of new jobs and housing. We are further blessed to have the support of our lender, and a strong JLL team who helped drive this home,” said Sandy Schmid, Director of Acquisitions and Development at StarPoint Properties.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Starpoint Properties
Founded in 1995 and headquartered in Beverly Hills, StarPoint Properties is an uncommonly innovative real estate firm, combining exceptional operating expertise with creativity in asset transformation to drive superior outcomes for its investors. StarPoint Properties has established a reputation for consistent high-level execution over its 25+ Year track record, having completed more than $1.5Bn of real estate transactions, repeatedly delivering superior returns to its investors.